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IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.

Altria: Add Cronos as Potential M&A Target

Worth Watching: 03 Dec 2018, 8:57 PM ET - Altria (MO: A3/A) continues to be the target of M&A rumors as Reuters reported that the company is interested in acquiring Cronos Group, a Canadian producer of medical marijuana and cannabis oils. Cronos' share price spiked on the news, sending ..

US Income & Spending: Strong Start to 4Q Spending

Strategy Analysis: 30 Nov 2018, 4:37 AM ET - October consumer data delivered above expectations with strong real spending, solid income, and soft inflation.  We dig into the details and highlight strong growth in discretionary spending categories.

Altria: To Juul "Wanna Smoke?"

Worth Watching: 29 Nov 2018, 9:37 AM ET - Altria (MO: A3/A-) is allegedly interested in taking a significant stake in privately held, e-cigarette manufacturer Juul, according to news reports. Juul was most recently valued at $16 billion as of mid-2018 although the company's valuation c ..

Consumer Pulse: Holiday Sales Update & More

Sector Analysis: 28 Nov 2018, 4:11 AM ET - Consumer holiday spending viewed through the e-commerce lens looks to be off to a strong start. The consumer economy has a mix of puts and takes, ranging from rising mortgage rates to falling prices at the pump.

Tobacco: FDA Makes Menthol Ban Official

Worth Watching: 15 Nov 2018, 11:56 PM ET - Tobacco: As expected, the FDA announced several new regulations aimed at curbing the use of flavored e-cigarettes among minors. The agency will also consider accelerating the August 2022 deadline by which existing flavored e-cigarettes must be ..

Juul: Losing its Luster

Worth Watching: 14 Nov 2018, 10:27 PM ET - Juul released a statement that outlined measures aimed at reducing the usage of its products among minors. Juul will temporarily halt the fulfillment of orders for Mango, Fruit, Crème, and Cucumber pods, which will effectively remove those flav ..

US Employment: Almost Full, Keeps Eating

Strategy Analysis: 05 Nov 2018, 5:16 AM ET - Employment growth bounced back in October with a strong 250k print.  Wage growth hit a new high, but its gradual acceleration coupled with the strong job growth trend makes us question what full employment looks like.

US Productivity Is A Small Offset To Labor Costs

Sovereign Analysis: 02 Nov 2018, 5:38 AM ET - We break down 2 separate pieces of 3Q economic data that show while labor costs continue to rise, controlling for productivity growth gives a rosier picture. 

PCE Deflator: Steady in September

Worth Watching: 29 Oct 2018, 10:19 PM ET - PCE Deflator: The September income & outlays report showed another mild month for consumer price gains. The headline all-items index increased by 0.1% MoM, bringing the YoY rate to 2.0%, down from its July peak of 2.3%. The core PCE deflator (e ..

US GDP: Consumers Show Up Again

Strategy Analysis: 29 Oct 2018, 5:06 AM ET - 3Q US GDP beat expectations with a strong performance by the US consumer, inventory growth, and government spending offsetting weak trade, residential investment, and capex.

Altria 3Q18: Nu Era for E-Cigs

Earnings Note: 25 Oct 2018, 11:49 PM ET - Altria announced several measures in response to the FDA's focus on reducing e-cigarette use among minors. 

US Inflation: Consumer Prices Eke Out Another Gain

Strategy Analysis: 11 Oct 2018, 10:35 PM ET - The September consumer price index report showed weaker price gains than expected for the second consecutive month. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Altria: Hash-ing Out an Investment in Cannabis

Worth Watching: 10 Oct 2018, 11:51 PM ET - Altria (MO: A3/A-) news reports indicate that Altria is evaluating a minority investment in Aphria Inc., a publicly traded Canadian producer of medical cannabis valued at roughly $3.5 billion. Tobacco companies have largely been hesitant to in ..

US Employment: 3.0% Wage Growth on the Horizon

Strategy Analysis: 05 Oct 2018, 12:24 PM ET - September nonfarm payrolls disappointed on the headline number, but under the surface, the report was solid.  Wages posted another strong gain and are just one tick away from the 3.0% YoY milestone.

US Income & Spending: Consumption Stays On Track

Strategy Analysis: 01 Oct 2018, 6:11 AM ET - The August income & spending report contained another solid reading for consumer spending, continued income growth, and modest inflation. We dig into the pricing environment for a few discretionary spending categories.

Tobacco: FDA Takes Aim at Flavored E-Cigs

Worth Watching: 12 Sep 2018, 10:55 PM ET - Tobacco : FDA Chairman Scott Gottlieb announced a series of measures aimed at curbing the rising use of electronic cigarettes among minors. The most aggressive of the measures requires the manufacturers of five brands of electronic cigarettes t ..

US Employment: Finally, A Wage Growth Surprise

Strategy Analysis: 07 Sep 2018, 4:06 PM ET - The August employment report contained the long-awaited breakout in wage growth to a new cycle high. Payroll growth was also solid, and we highlight our outlook for it going forward.

US Income & Spending: Inflation Momentum Fading?

Strategy Analysis: 30 Aug 2018, 2:43 PM ET - July consumer spending and income increased largely as expected, providing a solid start to 3Q spending. The core PCE deflator hit the Fed’s 2.0% target. We highlight that the recent inflation data have cooled some from earlier this year.

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